CapitaLand buys all Preference Shares of CapitaLand China Development Fund
AUG 1st, 2015
CapitaLand China Holdings, wholly-owned subsidiary of Southeast Asia's biggest property developer CapitaLand, made offer to buy all redeemable preference shares in CapitaLand China Development Fund from the existing external shareholders, for an aggregate cash consideration of USD 50.8 million. The total share pool represents 62.5 percent of the total issued redeemable preference share of CapitaLand China Development Fund.
Following the acquisition, CapitaLand China Development Fund will become a wholly-owned subsidiary of CapitaLand China.
CapitaLand China Development Fund, through its group of companies, invests in residential development projects in the People’s Republic of China. The full ownership of fund will allow CapitaLand China to have full control over the business strategy and operations at these projects.
The consolidated net asset value of the acquired shares, excluding cash advanced by CapitaLand China Development Fund to the sellers, is USD 37.9 million (approximately SGD 51.0 million) as at 30 June 2015.
